Chilean escudo explained

Chilean escudo
Local Name:	escudo chileno
Local Name Lang:	es
Qid:	Q603071
Date Of Introduction:	1 January 1960
Replaced Currency:	Chilean peso
Date Of Withdrawal:	29 September 1975
Replaced By Currency:	Chilean peso
Using Countries:	Chile
Subunit Name 1:	centésimo
Symbol:	Eº
Used Coins:	½, 1, 2, 5, 10, 20, 50 centésimos 1, 5, 10, 50, 100 escudos
Used Banknotes:	½,,,,,,,,, escudos
Issuing Authority:	Banco Central de Chile
Mint:	Casa de Moneda
Obsolete:	yes
Era:	1960 – 1975 -->

The escudo was the currency of Chile between 1960 and 1975, divided into 100 centésimos. It replaced the (old) peso at a rate of 1 escudo = 1000 pesos and was itself replaced by a new peso, at a rate of 1 peso = 1000 escudos. The symbol Eº was used for the escudo.

History

Through Law 13,305, published on April 6, 1959, the escudo entered into circulation on January 1, 1960, replacing the old peso.^[1] Its equivalence was Eº 1 = $1000 (pesos). The escudo was subdivided into centésimos. As the old banknotes had to be replaced, the Central Bank took the provisional measure of authorizing the overstamping of the existing banknotes of 10, 50, 100, 500, 1,000, 5,000, 10,000 and 50,000 pesos. They had printed in red ink, in the white oval of the watermark on the right side of the back, the equivalent of their value in escudos, according to the exchange rate $1000 = Eº 1. The overstamping of the banknotes began in November 1959.^[2]

On December 31, 1973, by decree law 231, it was established that all payments should be made in whole escudos, eliminating the centésimos.^[3] Through decree law 1123, published on August 4, 1975, Chile returned to the peso. The equivalence was $1 = Eº 1000.^[4]

Coins

In 1960, aluminium 1 centésimo and aluminium-bronze 2, 5 and 10 centésimo coins were introduced, followed by aluminium centésimo in 1962. In 1971, a new coinage was introduced, consisting of aluminium-bronze 10, 20 and 50 centésimos and cupro-nickel 1, 2 and 5 escudos. This coinage was issued for two years, with aluminium 5 escudos produced in 1972. In 1974 and 1975, aluminium 10 escudos and nickel-brass 50 and 100 escudos were issued.

Denomination	Issue	Material	Diameter^[5]	Obverse	Ref.
Denomination	Issue	Material	Diameter^[5]	Reverse	Ref.
centésimo	1962-1963	Aluminum	25 mm	Condor
centésimo	1962-1963	Aluminum	25 mm	Denomination surrounded by two ears of wheat
1 centésimo	1960-1963	Aluminum	28 mm	Condor
1 centésimo	1960-1963	Aluminum	28 mm	Denomination surrounded by two ears of wheat
2 centésimos	1960-1970	Bronze-aluminum	20 mm	Condor
2 centésimos	1960-1970	Bronze-aluminum	20 mm	Denomination surrounded by two ears of wheat
5 centésimos	1960-1971	Bronze-aluminum	23.3 mm	Condor
5 centésimos	1960-1971	Bronze-aluminum	23.3 mm	Denomination surrounded by two ears of wheat
10 centésimos	1960-1970	Bronze-aluminum	27.2 mm	Condor
	1960-1970	Bronze-aluminum	27.2 mm	Denomination surrounded by two ears of wheat
	1971-1972	Bronze-aluminum	18.1 mm	Effigy of Bernardo O'Higgins	^[6]
	1971-1972	Bronze-aluminum	18.1 mm	National coat of arms and denomination	^[6]
20 centésimos	1971-1972	Bronze-aluminum	20 mm	Effigy of José Manuel Balmaceda
20 centésimos	1971-1972	Bronze-aluminum	20 mm	National coat of arms and denomination
50 centésimos	1971-1972	Bronze-aluminum	21.9 mm	Effigy of Manuel Rodríguez Erdoíza
50 centésimos	1971-1972	Bronze-aluminum	21.9 mm	National coat of arms and denomination
1 escudo	1971-1972	Nickel silver	18.9 mm	Effigy of José Miguel Carrera
1 escudo	1971-1972	Nickel silver	18.9 mm	National coat of arms and denomination
5 escudos	1971-1972	Nickel silver	23 mm	Lautaro riding a horse
	1971-1972	Nickel silver	23 mm	National coat of arms and denomination
	1974	Aluminum	22.8 mm	Lautaro riding a horse
	1974	Aluminum	22.8 mm	National coat of arms and denomination
10 escudos	1974-1975	Aluminum	24.9 mm	Condor	^[7]
10 escudos	1974-1975	Aluminum	24.9 mm	Denomination surrounded by two laurel branches	^[7]
50 escudos	1974-1975	Bronze-aluminum	21.5 mm	Condor
50 escudos	1974-1975	Bronze-aluminum	21.5 mm	Denomination surrounded by two laurel branches
100 escudos	1974-1975	Bronze-aluminum	23.5 mm	Condor
100 escudos	1974-1975	Bronze-aluminum	23.5 mm	Denomination surrounded by two laurel branches

Banknotes

In 1959, provisional banknotes were produced by the Banco Central de Chile. These were modified versions of the old peso notes, with the centésimo or escudo denomination added to the design. Denominations were, 1, 5, 10 and 50 centésimos, 1, 5, 10 and 50 escudos.

On 22 July 1960, the 1 escudo banknote began to circulate,^[8] and on August 1 of the same year the escudo banknote entered circulation.^[9] In 1962 new designs were introduced, in denominations of 5, 10 and 50 escudos. On 6 September 1968, the 100 escudos note was put into circulation,^[10] and in September 1970 a new smaller 10 escudos note was presented.^[11] On 7 July 1972, the 500 escudos banknote began to circulate.^[12] On 12 July 1973, E° 1000 banknote was introduced,^[13] and in November of that same year, after the coup d'état, the Eº 5000 banknote, whose printing had begun at the beginning of September.^[14] Finally, in 1974, the denomination of 10,000 escudos was introduced.

Denomination	Issue	Color	Dimensions	Obverse	Ref.
Denomination	Issue	Color	Dimensions	Reverse	Ref.
escudo 50 centésimos	1960-1971	Blue	145 × 70 mm	Effigy of Bernardo O'Higgins.	^[15]
escudo 50 centésimos	1960-1971	Blue	145 × 70 mm	Arrival of Almagro to Chile, by Pedro Subercaseaux.	^[15]
1 escudo	1960-1971	Brown	145 × 70 mm	Effigy of Arturo Prat.	^[16]
1 escudo	1960-1971	Brown	145 × 70 mm	Foundation Santiago, by Pedro Lira.	^[16]
5 escudos	1963-1971	Reddish brown	145 × 70 mm	Effigy of Manuel Bulnes.	^[17]
5 escudos	1963-1971	Reddish brown	145 × 70 mm	Battle of Rancagua, by Pedro Subercaseaux.	^[17]
10 escudos	1962-1970	Garnet	178 × 83 mm	Effigy of José Manuel Balmaceda.	^[18]
	1962-1970	Garnet	178 × 83 mm	Hug of Maipú, by Pedro Subercaseaux.	^[18]
	1970-1972	Brown	145 × 70 mm	Effigy of José Manuel Balmaceda.	^[19]
	1970-1972	Brown	145 × 70 mm	Hug of Maipú, by Pedro Subercaseaux.	^[19]
	1972-1974	Sepia	145 × 70 mm	Effigy of José Manuel Balmaceda.	^[20]
	1972-1974	Sepia	145 × 70 mm	Hug of Maipú, by Pedro Subercaseaux.	^[20]
50 escudos	1962-1974	Green	178 × 83 mm	Effigy of Arturo Alessandri Palma.
50 escudos	1962-1974	Green	178 × 83 mm	Banco Central de Chile building.
100 escudos	1967-1974	Blue	178 × 83 mm	Effigy of Manuel Rengifo.	^[21]
100 escudos	1967-1974	Blue	178 × 83 mm	Liberating Expedition of Peru, by Thomas Somerscales.	^[21]
500 escudos	1971-1975	Carmine rose	145 × 70 mm	Effigy of a miner, on the occasion of the nationalization of copper in 1971.	^[22] ^[23]
500 escudos	1971-1975	Carmine rose	145 × 70 mm	Chuquicamata mine.	^[22] ^[23]
1000 escudos	1973-1975	Purplish blue	145 × 70 mm	Effigy of José Miguel Carrera.	^[24]
1000 escudos	1973-1975	Purplish blue	145 × 70 mm	House of the Carrera family.	^[24]
5000 escudos	1973-1975	Green	145 × 70 mm	Effigy of José Miguel Carrera.	^[25]
5000 escudos	1973-1975	Green	145 × 70 mm	House of the Carrera family.	^[25]
10000 escudos	1974-1975	Salmon red	145 × 70 mm	Effigy of Bernardo O'Higgins.	^[26]
10000 escudos	1974-1975	Salmon red	145 × 70 mm	Battle of Rancagua, by Pedro Subercaseaux.	^[26]

External links

Information on Exchange Rates of The Americas

Notes and References

Web site: Ley 13305 Reajusta las remuneraciones de todos los empleados que prestan servicios en Chile, suplementa el presupuesto de la Nación, establece nueva unidad monetaria, concede facultades extraordinarias al presidente de la República y modifica las leyes que señala . Ministerio de Hacienda de Chile . LeyChile . 6 April 1959 . 15 December 2022 . es .
Web site: Con rojo retimbran los billetes . La Nación . 21 November 1959 . 14 August 2022 . 2–3 . Spanish .
Web site: Decreto ley 231 Prohíbe el establecimiento en Chile, durante el plazo que señala, de bancos comerciales modifica las disposiciones legales que indica, otras materias . Ministerio de Hacienda de Chile . 30 June 2011 . es . 31 December 1973 . LeyChile .
Web site: Decreto Ley 1123 Sustituye unidad monetaria . Ministerio de Hacienda de Chile . 8 March 2011 . 4 August 1975 . es . LeyChile .
Web site: Catálogo de Monedas de Chile . 2021 . 15 December 2022 . Toro, Rafael . https://web.archive.org/web/20220224213955/https://www.numismatica.cl/coin/catalogoChile2021.pdf . 24 February 2022 . es .
Web site: LEY 17572 AUTORIZA ACUÑAR Y PONER EN CIRCULACION LAS MONEDAS QUE INDICA Y MODIFICA LAS LEYES QUE SEÑALA . Ministerio de Hacienda de Chile . LeyChile . 20 December 1971 . 15 December 2022 . es .
Web site: Decreto 612 Aprueba acuerdo del Banco Central de Chile que establece monedas de Eº 100, Eº 50 y Eº 10 . Ministerio de Hacienda de Chile . Diario Oficial de la República de Chile . 3 May 1974 . 15 December 2022 . es .
Web site: Desde ayer circula el escudo-billete . La Nación . 23 July 1960 . 9 May 2024 . PDF . 6 . es .
Web site: Hoy sale a circulación billete de medio escudo . La Nación . 1 August 1960 . 9 May 2024 . PDF . 13 . es .
Web site: Listos billetes de cien escudos . La Nación . 3 September 1968 . 26 July 2023 . PDF . 6 . es .
Web site: Con billetes nuevos de 10 escudos debuta septiembre . La Nación . 11 September 1970 . 4 May 2024 . PDF . 8 . es .
Web site: Comienzan a circular los billetes de 500 escudos . La Nación . 6 July 1972 . 29 August 2023 . PDF . 1 . es .
Web site: Nuevo billete de 1000 escudos . La Nación . 15 July 1973 . 30 August 2023 . PDF . 24-25 . es .
Web site: 23 August 2023 . 5 September 1973 . PDF . es . 18 . Imprimen billetes de 5 mil escudos . El Mercurio.
Web site: DECRETO 7486 APRUEBA CARACTERISTICAS PARA EL BILLETE DE MEDIO ESCUDO . Ministerio de Hacienda de Chile . LeyChile . 30 July 1960 . 15 December 2022 .
Web site: DECRETO 3686 APRUEBA LAS CARACTERISTICAS PARA EL BILLETE DE UN ESCUDO . Ministerio de Hacienda de Chile . LeyChile . 28 May 1960 . 15 December 2022 .
Web site: DECRETO 2860 FIJA LAS CARACTERISTICAS PARA EL NUEVO BILLETE DE CINCO ESCUDOS . Ministerio de Hacienda de Chile . LeyChile . 26 October 1963 . 15 December 2022 .
Web site: DECRETO 2249 DEJA SIN EFECTO EL DECRETO NUMERO 22.182, DE 1961, NO TRAMITADO, Y FIJA LAS CARACTERISTICAS DE LOS BILLETES QUE SEÑALA . Ministerio de Hacienda de Chile . LeyChile . 31 March 1962 . 15 December 2022 .
Web site: DECRETO 344 FIJA CARACTERISTICAS DE LOS BILLETES DE CINCUENTA Y DIEZ ESCUDOS . Ministerio de Hacienda de Chile . LeyChile . 24 February 1970 . 15 December 2022 .
Web site: DECRETO 1626 DEJA SIN EFECTO DECRETO QUE INDICA Y APRUEBA ACUERDO DEL BANCO CENTRAL, QUE SEÑALA . Ministerio de Hacienda de Chile . LeyChile . 20 October 1972 . 15 December 2022 .
Web site: DECRETO 3330 FIJA LAS CARACTERISTICAS PARA EL NUEVO BILLETE DE Eº 100 . Ministerio de Hacienda de Chile . LeyChile . 22 September 1964 . 15 December 2022 .
Web site: Acta 2315 . Banco Central de Chile . 7 July 1971 . 15 December 2022 . Repositorio Digital .
Web site: Decreto 1497 . Ministerio de Hacienda de Chile . Diario Oficial de la República de Chile . 13 September 1971 . 15 December 2022 . 3–4 .
Web site: DECRETO 777 APRUEBA ACUERDO DEL BANCO CENTRAL DE CHILE EN QUE SE ESTABLECE EL BILLETE DE Eº 1.000 . Ministerio de Hacienda de Chile . LeyChile . 12 June 1973 . 15 December 2022 .
Web site: DECRETO 1916 APRUEBA ACUERDO DEL BANCO CENTRAL, ADOPTADO EN SESION Nº 9, DE 1973 . Ministerio de Hacienda de Chile . LeyChile . 8 November 1973 . 15 December 2022 .
Web site: Decreto 612 Aprueba acuerdo del Banco Central de Chile que establece el billete de Eº 10.000 . Ministerio de Hacienda de Chile . Diario Oficial de la República de Chile . 3 May 1974 . 15 December 2022 .